I CAN feel it; something just isn’t sitting right with the markets. For me, it is not a question of whether the stock market will fall, but when it will fall. The other issue is just how bad the collapse will be. Will it be a correction, where shares fall by no more than 10 per cent? Or will it be an outright crash, when shares could drop by more than 20 per cent? Before we look at why shares could fall, it could be instructive to look at why stock markets have risen so much in the first place. Over the last five years, the S&P 500, which is a broad measure of the US market, has increased by more than 70 per cent. The FTSE 100, which is a measure of the UK’s largest 100 companies, has risen 50 per cent. The Singapore Straits Times Index (SGX: ^STI) has improved by more than 60 per cent. Elsewhere, Japan’s Nikkei 225, South Korea’s Kospi and Taiwan’s...